Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information)

Rule 15c2-11 ("Rule") under the Securities Exchange Act of 1934, as amended, governs the publication of quotations for securities in a quotation medium other than a national securities exchange—i.e., over the counter (“OTC”) securities. The Rule is designed to prevent broker-dealers from publishing or submitting quotations for OTC securities that may facilitate a fraudulent or manipulative scheme. Subject to certain exceptions, the Rule prohibits broker-dealers from publishing any quotation for a security or, directly or indirectly, submitting any quotation for publication, in a quotation medium unless they have reviewed specified information concerning the issuer. The Rule enhances disclosure and investor protection in the OTC market by ensuring that broker-dealers do not publish quotations for an issuer’s security when current issuer information is not publicly available, subject to certain exceptions. The Rule does not require that broker-dealers submit to the Commission the information collected pursuant to the Rule. Nor does Rule 15c2-11 require that information collected pursuant to the Rule be directly collected or stored by the Commission.

The latest form for Rule 15c2-11, 17 CRF 240.15c2-11 (Publication or submission of quotations without current information) expires 2029-07-31 and is listed under ICR 202604-3235-013.

IC1: Recordkeeping Associated with the initial publication or submission of a Quotation in a Quotation Medium

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